Many areas are around break even.

Considering selling it and hoping I can break even or at least not lose too much money. 

Since I work with a lending group, I’ve seen how being cautious on property taxes can make or break the cash flow on rentals.

So purchasing a traditional turnkey property in NJ you may be at a break even day 1 but year over year with significant rental demand and increases in rent a break even property has potential of turning into a cash cow.

I can rent it myself and break even, and consider myself lucky to not have more damage done. 

I was reading the forum and everyone was mentioning renting for an average of 7 days or less but that's only one scenario and I believe it doesn't have to hit all the scenarios, just one.Is anyone renting for 30 days and using the other scenarios to qualify for active STR Tax breaks?

Still using a HELOC but putting 5% down to minimize the risk and interest payment - and yes, we also thought about using the tax return to assist to paying back the HELOC.For us, we're not necessarily looking to "break the bank" but to just get in the game and if that means we're to break even in the beginning, we'll take that.  

I’m sure many investors here—especially those looking to break into cash-flowing commercial properties in Georgia—will benefit greatly from your insights.

If it’s break-even but you’re building equity, appreciation, and tax benefits while living in it, that’s not a bad starter play.Since the house already fits your family’s needs and only needs light sweat equity, one option is exactly what you mentioned: buy it, live there for 2 years (which gives you some tax perks on resale if you decide to sell), and then evaluate.

A good stress test is to underwrite as if you had to rent the property long-term—would it still cash flow or at least break even?